Hotel Industry Market Top Key Players - Marriott International, Hilton Worldwide, Starwood Hotels & Resorts, Hyatt Hotels Corporation, Four Seasons Holdings Inc., Shangri-La International, InterContinental Hotels Group, Mandarin Oriental International, Ac

The hospitality industry is one of the most important components of the broad service industry that provides overnight service to its customers. Although closely related to the travel and hospitality industries, they differ significantly in size. This page details the hospitality industry, links to other service sectors, and different types of hotels and guesthouses.

The hospitality business is the segment of the service sector that deals with the lodging or lodging of guests. Most definitions of hospitality include hotels as well as various types of accommodation such as hostels, motels, and hotels. The hospitality sector is solely interested in providing accommodation and related services to its guests. On the other hand, the hotel sector is concerned with leisure in a broader sense. As a result, this includes accommodations, restaurants, bars, cafes, nightclubs and a variety of travel services.

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GLOBAL HOTEL INDUSTRY MARKET DYNAMICS

The trend of the luxury hotel market is gradually increasing due to the expansion of the travel and tourism sector and the changing living standards. Demand for luxury hotels varies by type of property and is affected by factors such as location, size, and on-site facilities. Increasing net profit, popularization of weekend culture, emergence of low-cost airlines and prosperity of service industry are expected to drive the market. Inflationary pressures on purchasing power and living standards are the two main factors that drive people to visit luxury resorts. Another important aspect is hosting a sporting event in your city or country.

The development of the tourism and hospitality industry is primarily the driving force behind the industry. The market is also growing due to the growing demand from the weekend working-age population and changing lifestyles. Additionally, the growing demand for lodging and weekend trips in luxury hotels for telecommuting is driving the global industry. Additionally, growing social media penetration and collaboration between hotels and influencers are driving demand for products.

GLOBAL HOTEL INDUSTRY MARKET SEGMENTATION

The Global Hotel Industry Market can be segmented into following categories for further analysis.

By Class Of Hotel Type

• Luxury Class Hotels
• Economic Class Hotels
• Business Hotels
• Suite Hotels
• Resorts

By Presence Classification Type

• International Chain of Hotels
• Domestic Chain of Hotels

By Room of Usage Type

• Luxury Rooms
• Upper Class Rooms
• Economical Class Rooms
• Upscale Rooms

By Regional Classification

• Asia Pacific Region – APAC
• Middle East and Gulf Region
• Africa Region
• North America Region
• Europe Region
• Latin America and Caribbean Region
• Sweden

COMPETITIVE LANDSCAPE

Growth in the travel and tourism sector, increasing demand for leisure travel and improving living standards are the key factors driving the expansion of the luxury hotel market. However, the rise in hotel prices has the potential to stifle industrial development. The emergence of new luxury hotels is expected to open up new economic prospects for the sector over the next few years. In 2020, the move towards digital and contactless services has gained momentum. Customer service is modernizing due to the increasing use of alternative technologies such as mobile check-in, contactless payments, voice control and biometrics.

COMPANIES PROFILED

• Marriott International
• Hilton Worldwide
• Starwood Hotels & Resorts
• Hyatt Hotels Corporation
• Four Seasons Holdings Inc.
• Shangri-La International
• InterContinental Hotels Group
• Mandarin Oriental International
• The Indian Hotels Company
• Jumeirah International LLC
• Kerzner International Resorts
• ITC Hotels Limited
• AccorHotels
• Belmond Limited

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